Portuguese-speaking countries with energy resources have a better economic outlook

2 May 2013

Portuguese-speaking countries that have and export energy resources have stronger economic growth than those without them, according to the latest edition of the Cooperation Reports of the Bank of Portugal issued Wednesday in Lisbon.

The rates of gross domestic product (GDP) growth demonstrate that difference and separate East Timor (10.4 percent), Mozambique (8.4 percent) and Angola (7.1 percent) from Cape Verde (4.1 percent), Sao Tome and Principe (4.5 percent) and Guinea Bissau (2.5 percent).

The Portuguese central bank said that in East Timor oil revenues allowed for a “huge public investment programme,” in Angola an expansionist budget had been approved for 2013, whilst in Mozambique economic growth had benefited from the launch of coal production and in the future would benefit from development of the natural gas industry.

On the other hand Cape Verde was affected by an adverse external climate, despite some benefit from the “good performance of tourism revenues,” Sao Tome and Principe “seems to reflect a relative lack of external financing,” which reduces its growth, whilst Guinea Bissau has suffered from increased political instability. (macauhub)